East Midlands FTBs offered 95% mortgage

20-Jan-2009

Britons looking to snap up their first property in the East Midlands could benefit from an affordability boost as The Nottingham Building Society this week launched a new financial package for first-time buyers.

It includes a first-time buyer mortgage worth 95 per cent of a property's value and a savings account offering interest rates which pay up to 3.5 per cent on balances of £5,000 or more.

The Nottingham hope the account will encourage first property hunters to save up for a deposit to buy their new home, with the 95 per cent mortgage an added incentive amid the lack of lending options available on the market in the current financial climate.

Customers who save £50 a week will save £7,591 towards a deposit in three years using the account.

"We now have an opportunity to return to good, old fashioned principles, like saving for those important things that we want most," said The Nottingham's Clare Roberts.

Her comments come as statistics published by the Council of Mortgage Lenders in November showed that a typical first-time buyer put down a deposit of £19,000 between April and June 2008, compared to £14,500 during the same period in 2007.

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Property market tipped for major recoveryGovt 'making a stand' for FTBsHouse price reduction predicted

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